US Data Push European Stocks Lower

CNBC.com

Friday, 29 Feb 2008 | 11:48 AM ETCNBC.com

SHARES

European stocks ended lower across the board Friday after data showed manufacturing in the U.S. Midwest fell to the lowest level in over six years, worsening the outlook for the world's biggest economy.

U.S. consumer sentiment data also dropped to a 16-year low in February, hitting levels that usually sound the alarm bells of recession.

The prospect of a U.S. recession scared investors and the dollar fell to a three-year low against the yen and oil reached a new all-time high of $103. Gold also hit new record of $973.10 an ounce.

Vivendi also reported strong full-year earnings. The media group posted an 8 percent rise in earnings before interest, tax, depreciation and amortization, helped by its Maroc Telecom and pay-TV units.

In the UK, casino operator Rank reported a 6.7 percent fall in annual underlying profit due to deteriorating trading conditions, but said it is transferring its pension operations to Goldman Sachs, which will cut costs.